A number of industry experts and thought leaders weigh in on how COVID-19 is impacting the life insurance industry, and what can be expected in the future. Click on the thought leader’s picture below to explore their perspective. Terri Botosan Chief Executive Officer of HUB Financial Inc. Doug Paul Vice President, National Sales and Distribution, SSQ Insurance Mike Aziz Chief Distribution Officer - Canada Protection Plan Sébastien Dupuis President and CEO - ...

Every business owner is familiar with the old saying, cash is king. When you have it on hand, cash provides stability and the capacity for growth when opportunities arise. Since cash is the lifeblood of any business, shareholders struggle when it isn’t close by. Frankly, many view the purchase of life insurance as a threat to that cash flow, even when an accountant recommends it. However, there is a way to have your cake and eat it too using an insurance strategy called the ...

There have been many articles written about mortgage insurance vs life insurance, but many of them reflect only on particular aspects of this topic. In many cases, it is a lending institution (e.g. your bank or credit union) that offers mortgage insurance. We spoke to Amir Eny, an independent life insurance broker, to highlight key aspects of mortgage insurance provided by a lending institution and how it differs from life insurance. Life insurance vs mortgage insurance There are key ...

Whole life insurance has tax saving efficiencies, but those efficiencies are often very misunderstood. To gain an understanding on how best to leverage your savings in a tax-sheltered whole life insurance policy, we talked to Cory Budovitch, Owner of Budovitch Legacy Planners Inc. and Brent Swatuk, Advanced Case Consultant at Equitable Life. Both of these men are highly respected in Canada’s financial services industry and they love helping Canadian entrepreneurs minimize tax and maximize ...

While it’s true that you can’t take it with you when you die, you still need money when you pass away. Many people work hard their entire lives to build assets, with the intent to eventually pass on an inheritance to their loved ones. A will is a good starting point, provides a roadmap for planning your estate, and should be updated on an ongoing basis. However, even if you have a will, it is your executor’s responsibility to file a tax return for you and the government will consider you ...

How long have you been in the industry and what made you get started? My father passed away unexpectedly in Chattanooga Tennessee while on his way to Florida. He took ill and was hospitalized. The next morning, I received a phone call at 5am and discovered he was on life support. Being a family of five children all with our own separate issues, it was then that I was introduced to the benefits of having a Final Expense Insurance policy in place for my family. It made a very expensive and ...

Life Insurance has become a top of mind topic for many as people start to consider their own mortality. Dr. Moira Somers, a psychologist and executive coach at Money, Mind & Meaning in Winnipeg was recently quoted in the Globe and Mail saying “one way of settling death anxiety is by knowing that you’ve done everything you can to tend to people you care about; obtaining life insurance can help individuals exert that control." Taking aside the psychological component, now is an ideal ...

The COVID-19 Pandemic in Canada The number of people affected by Coronavirus (COVID-19) around the world exceeded a million by April 3rd, and the death toll continues to climb. Canada still affected with thousands of cases and multiple deaths daily which is terrible for all Canadians. How is this affecting the life insurance industry? Insurers protect against risk and use data and records to determine those risks. Unfortunately, COVID-19 is a new disease with no previous data. This ...

COVID-19 Pandemic in Canada The Coronavirus (COVID-19) pandemic continues to spread around the world with over 1,000,000 infected and more than 50,000 deaths to date. Although Canada appears to be escaping the brunt of the impact, our country is still affected with over 3,000 cases and 30+ deaths as of March 25, 2020. With numbers rising sharply in some countries such as Italy (~ 75,000 cases / ~7,500 deaths) and America (~70,000 cases / 1,000 deaths), and with no vaccine in place ...

What is Term 100 life insurance? Even though it says “Term” in its title, Term 100 is actually a permanent policy. That means the premium doesn’t increase and the policy is in force for the life insured’s lifetime. Unlike other permanent policies, however, Term 100 does not have a cash value (cash savings that build up when you pay the premium). Think of Term 100 like a stripped-down whole life policy – you get lifelong protection, but since there are no extras, the premium is much ...